NYDFS grants virtual currency licence to BitPay

BitPay, the largest global blockchain payments provider, today announced the company has received its Virtual Currency License from the New York Department of Financial Services which governs rules for virtual currency business activity in New York.
The virtual currency License enables BitPay to transact business with companies and consumers based in New York. Businesses based in New York can leverage BitPay to accept Bitcoin and Bitcoin Cash for purchases from users globally. Further, residents with Bitcoin and Bitcoin Cash are able to make purchases.

The Department of Financial Services conducted a comprehensive review of BitPay’s application, including the company’s anti-money laundering, know your customer, anti-fraud, capitalization, and cybersecurity policies.

“New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay,” said Stephen Pair, CEO of BitPay. “We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”

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